Relief Fund Created To Help Austin Area Black-Owned Businesses
AUSTIN, TX —As protests against police brutality and racial injustice continue in cities across the country, concerned communities are looking for ways to lend support and advance equal rights for all citizens regardless of color. In an effort support Greater Austin area black-owned business owners affected by COVID-19, protests, riots and looting, the Central Texas - Black Owned Business Relief Fund was created as a way to rebuild the community together.
The Small Business Administration (SBA) estimates 89% of black-owned businesses in the U.S. have no paid employees aside from the owner, and businesses like these are less likely to seek debt financing. Owners may be unfamiliar with the loan process, or have been systematically discriminated against for loans in the past, and as a result shoulder a greater burden navigating the application process for coronavirus relief. The SBA's Inspector General, Hannibal “Mike” Ware says, “Because SBA did not provide guidance to lenders about prioritizing borrowers in underserved and rural markets, these borrowers, including , minority and women-owned businesses may not have received loans.”
The community is invited to donate to help Greater Austin-area businesses receive relief, and to reach out to organizersfor any black-owned businesses who need help. To check out local Black Owned Businesses to support visit www.austinblackbusiness.com and click Journals. To donate to the Central Texas Black Owned Business Relief Fund, click HERE.
This article originally appeared on the Austin Patch
